Republican presidential candidate Donald Trump on Tuesday outlined his economic plan: bringing jobs and factories from other countries to the US. The former president, who is in a very close race with US Vice President Kamala Harris for the keys to the White House, said he would bring a “manufacturing renaissance” to the country if elected.
How can he do that? By giving foreign companies incentives to relocate to the US, encouraging them with low taxes and minimal regulatory hurdles.
“We will take jobs away from other countries,” Trump declared at a campaign event in Georgia. “We will take away their factories.” He told his supporters that if re-elected he would ensure business flees to allies such as Germany and South Korea as well as global competitor China.
He said that his planned incentive plan will benefit only those companies that relocate to the US and hire American workers. And those companies that do not want to relocate to the US and export their goods will face high tariffs.
In addition, the former president promised US-based manufacturers tax breaks for research and development costs. He reiterated his promise to reduce corporate tax from 21% to 15% for companies making their products in the country. He also promised to provide less regulatory oversight on federal lands.
Reuters reported that experts believe Trump’s policies would reduce government revenues and significantly increase the federal deficit.
It was Trump’s second major address related to his economic plans, and it comes as his race with Harris remains closely contested. Multiple surveys There is a tough competition between the two candidates ahead of the November 5 elections, especially in key electoral states like Georgia and Pennsylvania.
Reuters reported that Trump had an 11-point lead over Harris on economic issues in late July. According to a new Reuters/Ipsos poll released Tuesday, Harris’ lead has dropped to just 2 points; 41% of voters surveyed believed Harris had a better outlook on the economy and jobs, while 43% backed Trump.
Harris also unveils her plan to boost the economy Help the low and middle class people Dealing with high tax rates and expensive grocery items. He proposed several tax breaks for them, as well as tax credits for families with newborns and credits to help defray the cost of setting up small businesses.